OfflineI have received many emails from folks at the EDGE and a couple questions have repeated themselves. One fellow DGer suggested it would be nice to see one bite of info from me every day rather than the smorgasbord laid out Sunday. (I thought that was a great description) I am not sure I can come up with something that would be of interest, but I will give it a try for a few days and if it is helpful, I will keep doing it and if not, I will save the space in the DG computer server. She suggested a daily info of importance journal and I will try that title.
Q: A question asked a number of times is what was my recipe for getting familiar with an area quickly.
A: Walk into a real estate office (or contact your realtor partner) and ask for lists of properties within your area of interest (city limits, zip code or whatever). One list of properties that are currently for sale in the price range of interest. One list of properties that are pending or contingent (in escrow) in that area in your price range of interest. One list of homes, same area, same price range, that have closed escrow in the past 30 days. Thank the realtor and tell them you will give them a call if you want to look into any of the homes. Now drive around for an hour or two and check them out - they will look the same on the inside as they do the outside (good maintenance, poor condition, etc) and the list will tell your the square footage, bedroom and bath counts, lot size, etc. In 2 hours you will know the relative market better than most realtors in your area.
Hope it helps.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Bill, based on your advice to go after bank REO's this time of year, I want to do just that. So aside from RealtyTrac.com and rubbing elbows with the bank listing agents, assuming I could find some, what would you advise us newbies on how to find these deals and approach the banks or their agents with our offers?
Thanks
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
I always recommend realtor dot com as the most update to date source of listings. I generally look at new listings, those over 90 days on the market and those that just came back on the market, perhaps having been in escrow for a period of time and fall out of escrow for some reason. Banks will often unload those. I have a client that just got one for 145K that fell out of escrow the day before at 170K and he immediately sold it for 168,500. A great profit for a couple days work. The point, as always, is that you might have to swing at 20 pitches before you connect the ball with the bat - but keep swinging.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Bill where have you been hiding, thank you so much, Jim
jbischoff
As always thanks for the info.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Thanks Bill, I've been away for awhile myself. I have not been to that site yet. I hope it's not for realtors only. I guess you would have said so if it was.
My biggest concern with the REO's right now is the EMD, which I don't have. That is if they want $2000 or something upfront. That seems to be the case around here, at least so far.
Always good to hear from you Bill
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
Go to Trulia.com and type in the city/ area you're interested in. On the home page, down in the bottom right corner, there is a place to ask questions (which are answered mostly by local agents with "their finger on the pulse") Ask if there are any investor friendly agents in the area willing to make low offers,exp. with double escrow, etc.? Sit back and let THEM find YOU. Fast, FR-EE, and how I've found two great agents. Hope this helps!
Hey Bill how 'bout a "daily" on Subject To?
-e
I did exactly what you suggested and an investor friendly agent contacted me within 24 hours. He had done over 50 deals with other investors in 2010. He's great! Thanks for the post.
Les
As a man thinks in his heart, so is he!
Think on these things: whatever things are true, whatever things are noble, whatever things are pure, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy- meditate on these things
This is post #280 and if you look back in this blog like around numbers 50-80, there are pages and pages of info on subject to purchases.
If you do not have the EMD funds to tie up an reo property, then that might not be the deal for you right now. The most important thing you can do is build a list of buyers. If you find me a great deal on a property right now I will send you a check for the bird dogging if I can get it under contract. You do not always need to tie it up in escrow for someone to pay you for your time.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
If you do not have the EMD funds to tie up an reo property, then that might not be the deal for you right now. The most important thing you can do is build a list of buyers. If you find me a great deal on a property right now I will send you a check for the bird dogging if I can get it under contract. You do not always need to tie it up in escrow for someone to pay you for your time.
Thanks Bill,
I think that you probably were not suggesting this exactly but you made me think about just making offers on the REOs to get one accepted or at least a counter offer which I could then pass on to my buyers. If they know the bank will take $XXk for the property then I can pass on it without risking EMD and locking it up myself but let my buyer step in and make there own offer.
Was that what you were suggesting? If not do you see any problems with that idea?
Actually I do see one problem and that is my own agent that is bringing me these deals. If I just bird dog it, my agent get's nothing because the buyer is not going to bring him in on the deal just to be nice. Hmmmm, any suggestions?
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
One should not submit offers without the cash to open escrow - your agent should not submit offers with copies of checks attached if they know the check is not valid. If you have an agent bringing offers to you and you cannot open escrow on them perhaps this is not the activity for you at this time. Dean teaches many strategies and all work but not all work for this person or that person at this time or that time. My point was that you could find good deals and buyers will pay you for that. Just point me (or others) in the right direction and that might work for some cash for you. The other thing you might try is to get a list of buyers that would take good deals if you tie them up and have them make the check good if the deal fits his/her needs. Maybe that is what I was saying?? I am not sure that is what you wanted but I am following your lead here.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
I see all these ads wanting you to pay hundreds or thousands to start an llc or s corp to begin doing real estate business but a simple partnership or sole business is all you need and a simple advertisement in the local paper is all it takes. 30 minutes and $54 and I have a totally separate legal entity into which I can acquire property.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Thanks Bill, I don't want to do anything wrong or ask anyone else to. I was just thinking that if I could make an offer, minus the EMD check, and get a response such as a counter offer or acceptance then I could tell my buyer hey go offer bank XYZ $50k for 123 Main ST. and they will take it. Then collect a bird dog fee from the buyer. So I guess my question should be "Would a bank even respond to my offer without a check attached?" If they won't counter offer or give an indication of what they would accept then I know it's a waste of time. If they would then this could be worthwhile.
I know you deal with banks a lot, what do you think?
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
An offer to purchase has to include an offer of money to get the deal going. For the most part banks are looking for 1% or more of the purchase price as earnest money up front. None of the banks I deal with will consider an offer without significant earnest funds but they also take a week or so to select an escrow so you might not need the funds for a week and perhaps you have a buyer by then. Check with your local realtor licensed in your state and they can help you out as well.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Thanks Bill,
Your always helpful.
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
Google hard money lenders and talk to a couple of them if you need money for a deal. In the spring and summer they are very busy and have many borrowers. At this time of year they have investor looking to park their funds in short term investments and you can and should negotiate terms and rates. You can likely cut the rate to 8 or 10 percent and cut the points in half right now and you could never get that deal in June. If you are looking for funds to make a deal happen, it will not get better in the coming year than it will be in the next month or two.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Wow Bill,
I am always glad I thought to stop by your little blog here. You have these great little gems to share.
Steve
"Do something you LOVE and you will never work another day in your life."
"Nothing can ever stop you without your permission."
"So long as you haven't quit, then you haven't lost."
AS always thanks for the information you give.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Remeber that little saying when we were kids? Well maybe you are younger and you had your own sayings but it is winter and you cannot find water mellons right now - so do not spend all day looking for water mellons. Eat pomegranites right now because they are in season. What am I saying? People try to flip because they want to flip when the market is not open to flips. People try to do assignments when listings and sales are a plenty and no one will pay you for the info you share on an assignment. Eat water mellons in the summer when they are available cheap. Eat pomegranites in the fall when they are ripe and easy to obtain. Figure out what the market will pay you for right now and do what the market will pay you for right now rather than what you want to do right now. Flippers lose money in November because it is a slow season for purchases. Do not try to sell ice to Canadians right now. Figure out how to sell ice to the south american countries right now because it is summer there. Sell what others are buying not what you want to sell. It is the difference between heart ache and big bucks and it is all in the knowledge of who is buying what, when.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Google CHDAP and you will find California has a new program that basicall gifts funds to FHA purchasers that have not owned a home in 3 years or more. Know someone that wants to purchase or someone that has a property to sell? You can make buyers our of those that do not believe they can buy and perhaps make some bucks along the way??
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
in 2012. Opening up massive inventory will offer huge opportunities in California, Florida, Nevada and elsewhere. Find the gold and cash it in.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Can't wait to see what happens....I think the banks have been holding back.
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Hi Bill
I got a call from bandit sign,the Local guy call me and ask if i want to buy property in Texas.It turn out that he have a rental home there and he want to sale it . My question is if you know anybody who invest in Tyler,Texas.
Thank you and Happy New Year
tom
This forum has extraordinary information. I'm on page two and will catch up!
Amazing!
Thank You
_________________________
Maurice
We are back to 2008 with the foreclosures - buy at trustee auctions now and by August, the local mls will be full of deals as well
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Thanks so much for the information you provide. I'm in Southern California as well so it's all been very useful to me.
I found a property that had been abandoned. I checked it out to see that there is equity in the property but owner was 6 months behind in payments. Gave her some bucks, she signed it over and I sold it immediately to a buyer I had been working with. I picked up 6% commission on both sides of the deal - 12% of a $200,000 deal is not bad for an afternoon's work.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
anyone still there?
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
I have not posted in years but thought I would just for the heck of it. I was working as a realtor and involved with some of Dean's students, I was interviewed by Dean on videos, etc. I started to flip homes myself and in 3 years, I now am retired with no need to ever work again. It is a complicated process but in 3 years, your life can go from working hard every day to doing anything you want any time you want with money to spare. Best wishes to all.
Bill O'Rafferty
Trademark Realtors
billoraffertyproperties@****
Congratulations on retiring. REI works!
Good to see you here again! I've been "dropped out" for awhile too, dealing with job and family issues.
Hoping to be able to add SS early retirement to my part-time college adjunct income and get past renting into my own sweat equity home early next year, so that I have a stable home base to start working with RE somehow.
Good to know it can be done...